Traders Buy Concho Resources Inc. (CXO) on Weakness
Traders purchased shares of Concho Resources Inc. (NYSE:CXO) on weakness during trading on Wednesday. $87.10 million flowed into the stock on the tick-up and $34.98 million flowed out of the stock on the tick-down, for a money net flow of $52.12 million into the stock. Of all stocks tracked, Concho Resources had the 22nd highest net in-flow for the day. Concho Resources traded down ($3.07) for the day and closed at $129.20
Several equities analysts have commented on the company. Citigroup Inc. increased their target price on Concho Resources from $150.00 to $162.00 and gave the company a “buy” rating in a research report on Friday, August 26th. TheStreet upgraded Concho Resources from a “sell” rating to a “hold” rating in a research report on Monday, July 18th. Credit Suisse Group AG increased their target price on Concho Resources from $145.00 to $154.00 and gave the company an “outperform” rating in a research report on Wednesday, August 24th. Canaccord Genuity reiterated a “hold” rating and issued a $95.00 target price (down from $96.00) on shares of Concho Resources in a research report on Monday, May 9th. Finally, Deutsche Bank AG reiterated a “buy” rating and issued a $140.00 target price on shares of Concho Resources in a research report on Thursday, August 4th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. Concho Resources currently has an average rating of “Buy” and an average target price of $133.13.
The company has a 50 day moving average price of $127.29 and a 200 day moving average price of $114.91. The firm’s market cap is $16.87 billion.
Concho Resources (NYSE:CXO) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.27. The business had revenue of $396.30 million for the quarter, compared to the consensus estimate of $482.50 million. During the same period in the previous year, the company earned $0.38 EPS. The company’s revenue for the quarter was down 26.3% on a year-over-year basis. Equities research analysts anticipate that Concho Resources Inc. will post $0.22 EPS for the current fiscal year.
In other Concho Resources news, Director Steven L. Beal sold 16,250 shares of the company’s stock in a transaction that occurred on Monday, June 6th. The stock was sold at an average price of $119.75, for a total transaction of $1,945,937.50. Following the completion of the transaction, the director now owns 73,652 shares of the company’s stock, valued at approximately $8,819,827. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.
An institutional investor recently raised its position in Concho Resources stock. KBC Group NV raised its position in shares of Concho Resources Inc. (NYSE:CXO) by 5.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 38,097 shares of the company’s stock after buying an additional 1,843 shares during the period. KBC Group NV’s holdings in Concho Resources were worth $3,538,000 as of its most recent filing with the SEC.
Concho Resources Inc is an independent oil and natural gas company engaged in the acquisition, development and exploration of oil and natural gas properties. The Company’s operations are focused in the Permian Basin of Southeast New Mexico and West Texas, an onshore oil and natural gas basin in the United States.
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